swIDch makes it into the F10 global accelerator cohort
swIDch has made the cut into the F10 global accelerator for fall 2021. F10 aims to help shape the future of banking and insurance, and to aid in the collaboration between between startups, incumbents and investors, paving the way for future success.
We are one of 25 specially selected startups, and are very excited to begin our journey with F10. More information about this years cohort can be found here.
For the first time in F10 history, this years accelerator will run simultaneously in Singapore, Madrid and Zurich. This means more collaboration potential with their corporate partners and sponsors globally.
With a newly designed F10 program, and corporate partners involved, swIDch is looking forward to bringing our revolutionary products to the table including our Virtual Corporate Card Solution and our Biometric Display Card Solution. See a summary of our application and details of these solutions below. Stay tuned!
F10 Application Summary
swIDch aims to eliminate digital identity-related fraud through our patented algorithm OTAC (One-Time Authentication Code). OTAC is a unique, unidirectional and dynamic token generated from a user device (e.g. mobile) that identifies and authenticates users securely and efficiently. It does not duplicate with anyone else at any given time, and it identifies a user with the code alone, even in a networkless environment. The ability to generate a dynamic code without a network, which can accurately identify a user with the code alone, was considered impossible before swIDch created OTAC. Other solutions in the market still require an active network connection to provide their authentication services whereas OTAC does not. Since the technology is provided in the form of API/SDK, it is also easy to implement and be altered to apply across multiple verticals such as payment, mobility, IoT, and so on. It provides strong security to its clients as well as saves costs from fraud losses, integration, and operation of their legacy system for authentication. Currently, swIDch holds 180 patents globally that protect its technology.
Virtual Corporate Card Solution
Businesses face the challenges of managing corporate cards for large numbers of employees and keeping track of spending limits, expiry dates and replacement cards when needed. Fraud is also a major concern for them. Corporate card fraud can originate internally when an employee uses the card for personal gain. According to a survey, 25% of reported fraud perpetrated by their employees. swIDch’s virtual card solution solves these issues by using OTAC technology that can generate an unlimited number of dynamic virtual primary account numbers (PANs). It automatically creates a new unique card number every time users want to make a payment. And only the authorised user can generate that number by touching the card to the swIDch app on their phone, or by verifying their identity biometrically. This makes card-not-present fraud impossible. For making purchases in person, swIDch comes with the option for a physical numberless card that can be used for POS transactions. It doesn't display a card number, so it completely prevents CNP fraud from stolen card details. swIDch cards can also be used as a virtual wallet for multiple cards and accounts and integrate with payment systems like Apple Pay and Google Pay. This eliminates the need to carry more than one card, and gives users more flexibility than other kinds of virtual cards. However, where services like Apple and Google rely on a two-way connection to a token server to generate virtual cards, swIDch user’s mobile device acts as the token service, allowing them to use it offline as well as online. With swIDch, enterprises can manage their corporate cards more easily and securely. They can configure every card according to each person’s needs, with customised spending limits, expiry dates and so on. If a card is lost or stolen, it can quickly be replaced by activating a spare card. This also eliminates hassle which can involve an employee having to use a personal card for business expenses and waiting to be reimbursed.
Biometric Display Card solution
swIDch's Biometric Display Card is the only card in the world that has both biometric features and the dynamic number generation algorithm built into the card. The card number is not displayed unless it is activated with the user’s fingerprint. Once the user scans their fingerprint, the built-in display shows the one-time card number for every single transaction to prevent card-not-present fraud. Currently, the company is in the progress of developing a PoC with one of the leading banks in Central America using this product.
swIDch has been named “Startup of the Year in Security Services” and Gold Globee winner at the 18th Annual 2022 Cyber
swIDch has been selected to join the Cyber Runway, a cyber security accelerator programme supported by the UK
Toss Bank to Apply Card-Tapping OTP Technology in Korea, while swIDch’s OTAC Technology Supports PERURI’s Digital